Chicago Journal of International Law Volume 10 Number 2 Article 10 1-1-2010 Clearing Credit Default Swaps: A Case Study in Global Legal Convergence Anupam Chander Randall Costa Follow this and additional works at: https://chicagounbound.uchicago.edu/cjil Recommended Citation Chander, Anupam and Costa, Randall (2010) "Clearing Credit Default Swaps: A Case Study in Global Legal Convergence," Chicago Journal of International Law: Vol. 10: No. 2, Article 10. Available at: https://chicagounbound.uchicago.edu/cjil/vol10/iss2/10 This Article is brought to you for free and open access by Chicago Unbound. It has been accepted for inclusion in Chicago Journal of International Law by an authorized editor of Chicago Unbound. For more information, please contact
[email protected]. Clearing Credit Default Swaps: A Case Study in Global Legal Convergence Anupam Chander* and Randall Costa** In the wake of the global financial crisis, American and European regulators quickly converged on a reform intended to help stave off similar crises in the future: central counterparty clearinghouses for credit default swaps. On both sides of the Atlantic, regulators identified credit default swaps (CDS) as a central factor in the crisis that seized Bear Stearns, Lehman Brothers, American International Group (AIG), and ultimately the world.' Regulators Professor of Law, University of California, Davis; AB, Harvard College; JD, Yale Law School. Managing Director, Citadel Investment Group, LLC ("Citadel"); BA, Yale College; MA, Yale University, JD, Yale Law School. This author was involved in Citadel's efforts in support of central counterparty clearing for CDS; however, the views expressed herein are those of the authors only and are not intended to represent the views of Citadel.